AR 3451Petty Cash Funds

Petty cash checks are issued at the beginning of the year for the purpose of paying for incidental expenditures of a small nature, usually less than $150.

A receipt must be obtained for all petty cash disbursements. No reimbursement will be made for sales tax. A reimbursement claim must be submitted monthly to the business office to replenish the fund. If the petty cash fund reaches a low level before the end of the month, more frequent reimbursement requests may be submitted. To obtain a reimbursement, all receipts must be attached to the claim.

The beginning fund balance, less the expenditures listed on the request, must equal the cash on hand. Any discrepancy between this figure and the actual cash count shall be the responsibility of the principal.

At the end of the year, schools who have a petty cash checking account may retain their petty cash funds in the account during the summer. However, a final petty cash reimbursement request with a copy of the most recent bank statement and reconciliation document must be submitted to the business office at the end of the year.

If a school does not have a petty cash checking account, the petty cash fund must be returned to the business office at the end of the year.

The end of the year amount must equal the original amount of petty cash at the beginning of the year less any receipts not previously reimbursed.

At schools where large petty cash funds have been established, the funds should be deposited in a petty cash checking account that requires two signatures.

Under no circumstances are any other funds other than petty cash reimbursement funds issued by the business office to be mingled with the petty cash funds.

Each school may establish a gaming account, in accordance with State statutes, requiring at least two signatures.

All bank accounts must be in District or school name.

(cf.3410.1 – Checking Accounts)